West Coast Spot Gasoline Prices Decline as Futures Falter
OAKHURST, N.J. (DTN) --- Spot gasoline prices in California and Pacific
Northwest trade markets edged lower early Tuesday with the downturn by New York
Mercantile Exchange RBOB futures
In paper trade, oil futures gave back a portion of Monday's run-up as on
profit taking ahead of the release weekly domestic oil supply data.
At 1:20 PM ET, October RBOB futures dropped 2.5cts to $1.6970 gallon while
the November contract fell 1.66cts to $1.6508 gallon. Spot month ULSD futures
dropped 2.45cts to $1.8318 gallon and the November ULSD contract was down
2.36cts at $1.8259 gallon.
NYMEX November West Texas Intermediate crude oil futures traded 32cts lower
at $51.90 bbl and the spot month Intercontinental Exchange Brent contract
dropped 77cts to $48.25 bbl.
Trade sources pegged October CARBOB in the Los Angeles basin at a 14.5cts
premium to November RBOB futures after a deal there, marginally lower at
$1.7958 gallon.
Prompt CARBOB in San Francisco was talked down more than a penny, pegged at
a 2.0cts premium to the basin.
In the Pacific Northwest, prompt suboctane tracked futures down more than
1.5cts, holding at a 2.0cts discount to November RBOB futures.
Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c)
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